Image courtesy of The Architectural Team

Developer Kennedy Wilson Multifamily acquired a 5.8-acre site in Newton for $23.1 million and received construction financing for a 184-unit apartment complex.

Citizens Bank provided $84 million in financing, according to a Middlesex County mortgage. The 5.8-acre site includes 24-26 and 32-34 Hurley Place and 502-504 and 528 Boylston St. Eastern Bank participated in the loan syndication.

In 2024, the Newton Zoning Board of Appeals approved a comprehensive permit for the 6-story project under Chapter 40B, the state’s affordable housing zoning law. The project reserves 25 percent of the units for income-restricted households earning a maximum 50 or 80 percent of area median income.

The seller was Newton-based E.D. & D. Realty Trust. The site includes landscaping storage and a pair of duplex homes.

In June 2024, owners of 10 abutting properties challenged the ZBA decision in Middlesex Superior Court, claiming that the board abused its power in granting the permit without adequate information submitted by the developer in areas such as construction management, transportation demand management and pollution prevention plans. A stipulation of dismissal was filed in May 2025.

The project was permitted by housing developer Toll Brothers, which reduced building heights from an original seven stories and shaved 60 units from the initial proposal. In September, Beverly Hills, California-based Kennedy Wilson announced it was acquiring Toll Brothers’ apartment platform for $347 million. The price has since been adjusted to $380 million.

As of Dec. 31, Kennedy Wilson owned 67 multifamily properties totaling over 25,000 units.